History of Economics

Paper Summary:

This paper provides a look at how economics have evolved throughout history to arrive at what economists understand it to be today. The paper considers the ideas and thoughts of several known economists in history like Robert Fogel and John Maynard Keynes and explains how their questions and conclusions relating to the economy have made significance influence to society. The paper also discusses events in history that helped shaped economists' ideology on the subject, such as the downfall of the Gold Standard, the uprising of Fascist corporatism in the western part of Europe, and the five year projects of Soviet Union and the Great Depression. Lastly, the author examines different schools of economy thought like the classical school and the neo-classical school and why criticism is a way to promote a better economy.

From the Paper:

"Economics is a broad subject and economists have applied several methods to arrive at conclusions relating to the economy. Economics has to consider various factors like society and the culture which molded the subject. These factors are the basics of economy which everyone in society should look forward to. History of economics and the initiatives put forward to measure them began with the various questions raised regarding the economy."

Sample of Sources Used:

• Canterbery, E. Ray. A Brief History of Economics: Artful Approaches to the Dismal Science. World Scientific. 2001.
• History of Economics Society. Complexity and the history of economic thought: Selected Papers from the ... Routledge. 2000.
• Mills, John. A Critical History of Economics: Missed Opportunities. Palgrave Macmillan. New York. 2002.
• Mises, Ludwig Von. Epistemological Problems of Economics. Ludwig von Mises Institute. 2003.
• Psalidopoulos, Michalis. The Canon in the History of Economics: Critical Essays. Routledge. London. 2000.

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